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Negotiating Credit Card Debt

When you are a single parent and have credit card debt that becomes too much for you to handle without help, things can seem very hopeless.  Credit card companies are so gigantic in today’s world that as a single dads (fathers) you might assume that there is no way that a company that size would ever listen to you or take your situation into consideration.  You may find it surprising that they will actually listen to you.  Sometimes all you have to do is to ask them for help and appeal to the goodwill of the customer service department.  The first step in the right direction to negotiate your credit card debt is to pick up the phone and call them.

When trying to negotiate your interest rate it always will help if you have always made your payments early or on time.  If this situation exists for you, simply call the credit card company and show them that you have been a good customer according to your history and ask if there is any way that they can lower your interest rate.  Even if there are occasions when you haven’t been able to pay on time there is no need to lose hope.  Carefully explain your current financial situation and you may find the results surprising.  These companies like honesty and once they discover that you are a person of integrity they try to help you out as much as they can.

Another way to negotiate with the credit card companies is about your monthly payments.  When you are certain you cannot make the minimum payments a good idea would be to ask them to suspend your account.  The will reassure them that you are doing the best that you can and that you do not want to go any deeper into debt than you already have.  Once you can get the account suspended, talk to them about lowering the monthly payments that you can afford.  They are usually keen to this idea because they would rather continue to get some money rather than none at all.

There are many other methods you can try as well but, no matter what terms you settle with, always get it in writing!  Talking on the phone to a customer service representative is not enough.  Ask them to send you all of the documentation and information on any new payment plans or rates.  Also, make sure to make note of the person’s name that you spoke with on the phone.  If over a week goes buy and you still have not received any of the paper work, make sure that you follow up with them.  If you do have to call them because of this, once again make sure you note who you spoke with and also any points to the conversation that you feel is noteworthy so you have a history of all of the conversations regarding your credit card debt.

Credit counseling services provide a good service if you are very deep into credit card debt.  The companies can work out a plan for you to financially get back on your feet again while still picking away at your debt.


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